Nordic Capital has agreed to acquire a majority shareholding of no-code data automation service provider Duco from CME Ventures, Insight Partners and Eight Roads Ventures to take advantage of the rapidly growing data automation market.
Duco provides SaaS solutions in the cloud to financial services, insurance and fintech companies dealing with data management issues. The company said its software is used by 14 of the top 30 global banks and other asset managers.
Nordic said its investment would enable the company’s international expansion, enhance product provision and employee growth.
Emil Anderson, principal at Nordic Capital Advisors, said, “The reconciliation market is growing quickly with strong structural tail winds. Duco brings state-of-the art solutions challenging established legacy point solutions and vastly improve processes.
“Duco has demonstrated strong leadership and innovation to move technology in Financial Services forward, with its focus on cloud-only delivery and self-service for end users. We are excited about the positioning of the company to respond to major trends that are gaining rapid traction, its great reputation with its clients, and the strength of its technology.”
Nordic Capital has deployed more than €4.5bn of equity across 21 technology companies since it was founded. It scored a 6.4x return on its investment in trading tech and services provider Itiviti through a €2.1bn sale to trade buyer Broadridge Financial in March.
The firm has sailed through the Covid-hit fundraising market, raising more than €7.3bn across a pair of new funds in the last few months.
Nordic took just three months to close its debut mid-market Evolution Fund on a little over €1.2bn, with the firm saying the vehicle had already attracted excess demand at the time of its launch. Last October Nordic soared to a €6.1bn hard cap final close for its biggest ever flagship fund, taking just six months to raise the vehicle.
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